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What is a pound of training worth? A longitudinal study of the effects of training investments on financial performance in firms.

机译：一磅的培训值多少钱？对培训投资对公司财务绩效的影响进行的纵向研究。

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摘要

Despite an estimated USD 129.6 billion annual expenditure on workplace learning and performance improvement in the U.S. alone, there remains a conspicuous disconnect between recognition of the importance of investment in workplace learning, and a solid understanding of what happens to these investments as they become distributed throughout the organization. Managers of training functions struggle to demonstrate how investments in workplace learning and performance improvement programs pay off in terms of hard business results, that is, the kind of results that executives expect to realize from other capital investments. Or, rephrased using the language of today's training professionals, "What is a pound of training worth?";As the workplace learning and performance industry garners a level of investment equaling that of the revenues of major industries, the need to demonstrate financial efficacy according to the same standards of rigor as are applied to other capital investments is becoming acute. Yet for such a massive investment of resources there is a puzzling lack of theoretical guidance or empirical research available by which managers can soundly evaluate their workplace learning investments.;The purpose of this study is to investigate the effects of (a) workplace learning expenditures, and (b) allocation of hours of training in various learning content areas on subsequent year financial performance in publicly traded firms, controlling for firm size, industry sector, and research and development expenditures. The study sample contains a total of 1156 observations, with workplace learning investment and financial performance data for 672 different publicly traded firms, representing 275 distinct 6-digit NAICS codes, and covering the years 1996-2005. The sample includes multiple years of training investment data for 243 firms, of which 90 firms have three or more consecutive years of data. The study uses a fixed effects panel data model, an ordinary least squares model, and stepwise regression. The database assembled for this study is one of only a few known databases containing longitudinal data that contains observations for workplace learning expenditures, learning content hours, and financial results.;The main result of the study is that workplace learning investments, whether reckoned in total expenditures or amount of hours devoted to various learning content areas, were not found to be significantly associated with most financial outcomes, either across firms or, on average, within firms across years. While such associations were not demonstrated, neither was the absence of such associations. When significant effects were observed, coefficients were distributed in both in the positive and negative directions. Of particular note, hours of sales, dealer, and product knowledge training were not significantly associated with sales revenue.;This study did not demonstrate that either learning expenditures or hours of learning content were influenced significantly by prior year financial performance. Such results support the robustness of the models employed, by helping to rule out the plausible rival hypothesis of reverse causation. They also illustrate that the effect of learning investment is a weak signal regardless of causal direction. However, since data were reported on an annual basis, it is possible that a greater signal in either direction could be discerned if data were available on a more periodic basis, for example quarterly. It is also possible that longer-term, or delayed effects of training investments on future financial performance were present but not detected.;To put the findings in context, the study comparatively reviewed prior research on the effects of investments on student and school system performance, specifically in the areas of school quality, teacher certification, and teacher inservice and professional development. The review found that educators encounter many of the same challenges as training managers and learning executives when attempting to demonstrate the impact of human capital investments within firms.;The findings of this study imply that learning investment is multidimensional, perhaps better described by a profile of human capital investments, including employee tenure. Researchers in the future may wish to pursue finer research strategies that limit inquiry to samples of homogeneous firms, or business units within very large firms. The lack of influence of training investments and firm financial performance on one another, regardless of the direction of causation, suggests the training investment decision is another area where insight from research is lacking.;Among such findings, the link between workplace learning investment and business performance remains elusive. Interest in discovering the link will likely grow as the global economy becomes increasingly driven by intangible assets, with training managers and learning executives continuing to regard the link as the "holy grail" of the profession. Yet the lack of theoretical development and the scarcity of high quality data will likely pose severe hindrances to future researchers.
机译：尽管仅在美国，估计每年在工作场所学习和绩效改善方面的支出为1,296亿美元，但在认识到对工作场所学习中投资的重要性的认识与对这些投资在整个投资过程中分布情况的扎实理解之间仍然存在明显的脱节组织。培训职能部门的管理人员努力地证明在工作场所学习和绩效改进计划上的投资是如何根据艰难的业务成果（即高管期望从其他资本投资中获得的成果）中获得回报的。或者，用今天的培训专业人士的措辞改写为“一磅的培训价值是多少？”；随着工作场所学习和绩效行业获得的投资水平等于主要行业的收入水平，需要证明其财务效力严格要求与其他资本投资一样严格。然而，对于如此大量的资源投资，仍然缺乏令人迷惑的理论指导或经验研究，管理者无法通过这些理论或评估来认真评估其在工作场所的学习投资。；本研究的目的是调查（a）工作场所学习支出的影响， （b）在各个学习内容领域分配培训时数，以了解上市公司随后一年的财务表现，控制公司规模，行业部门和研究与开发支出。该研究样本总共包含1156个观察值，其中包含672种不同的公开交易公司的工作场所学习投资和财务绩效数据，代表275种不同的6位NAICS代码，涵盖了1996-2005年。该样本包括243家公司的多年培训投资数据，其中90家公司具有连续三年或以上的数据。该研究使用固定效应面板数据模型，普通最小二乘法和逐步回归。为本研究组装的数据库是少数几个包含纵向数据的已知数据库之一，该纵向数据包含对工作场所学习支出，学习内容时数和财务结果的观察结果；该研究的主要结果是，工作场所学习投资是否总计无论是跨公司，还是平均而言，跨年的公司内部，用于各种学习内容领域的支出或工时都与大多数财务成果没有显着关联。虽然没有显示出这种关联，但是也没有这种关联。当观察到显着效果时，系数在正向和负向均分布。需要特别指出的是，销售时间，经销商和产品知识培训与销售收入没有显着相关。该研究没有证明学习支出或学习内容的时间受到上一年财务业绩的显着影响。这样的结果通过帮助排除反向因果关系的合理假设，支持了所采用模型的鲁棒性。他们还说明，无论因果关系如何，学习投资的效果都是一个微弱的信号。但是，由于数据是按年报告的，因此，如果可以更定期地（例如每季度一次）获得数据，则可能会发现任一方向的信号更大。培训投资对未来财务绩效的长期或延迟影响也可能存在但未被发现。为了将调查结果放于上下文中，该研究比较了先前对投资对学生和学校系统绩效影响的研究。 ，特别是在学校质量，教师认证以及教师在职和专业发展方面。审查发现，当试图证明人力资本投资对公司的影响时，教育工作者面临与培训经理和学习主管相同的许多挑战;本研究的结果表明，学习投资是多维的，也许可以通过以下方式更好地描述：人力资本投资，包括员工任期。未来的研究人员可能希望采用更精细的研究策略，将查询仅限于同类公司或非常大公司中的业务部门的样本。不论因果关系的方向如何，培训投资和公司财务绩效之间缺乏相互影响，表明培训投资决策是缺乏研究见识的另一个领域。在这些发现中，工作场所学习投资与企业之间存在联系性能仍然难以捉摸。随着全球经济越来越受到无形资产的驱动，发现链接的兴趣可能会增加，培训经理和学习主管继续将链接视为该行业的“圣杯”。然而，缺乏理论发展和高质量数据的缺乏可能会给未来的研究人员带来严重的障碍。

著录项

  • 作者

    Rivera, Ray Jarvis.;

  • 作者单位

    Stanford University.;

  • 授予单位 Stanford University.;
  • 学科 Business Administration Management.;Psychology Industrial.;Education Continuing.
  • 学位 Ph.D.
  • 年度 2010
  • 页码 220 p.
  • 总页数 220
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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